Wellington to build £50m high-yield dollar portfolio for Tate & Lyle

Tate & Lyle's pension fund has broken new ground by selecting Wellington Management to build up a £50m portfolio of high-yield dollar-denominated bonds.

A chunk of the money will go into Latin American sovereign debt, underwritten by the US Treasury. In this way, Tate & Lyle itself has already secured yields of 17%, with Wellington's advice, although day-to-day performance of emerging market debt can be volatile.